| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union.Austria is on the verge |
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| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. Austria is on the verge of getting a government led by an anti-immigrant, pro-Russian and climate-skeptic group, after the country's president invited the far-right Freedom Party for talks today to discuss leading a government for the first time. Centrist parties tried and failed to form a coalition, leaving Freedom Party leader and former Interior Minister Herbert Kickl as the most likely chancellor candidate. Austria is the latest example of Europe's tilt further right just as Donald Trump prepares to return to the White House. A U-turn by the conservative People's Party on whether it would work with the Freedom Party also serves as a warning to other European countries against relying on traditional red lines. — Andrea Palasciano | |
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| SpaceX Deal | Italy is in advanced talks with Elon Musk's SpaceX for a deal to provide secure telecommunications for the government — the largest such project in Europe, sources say. The negotiations, which had stalled until recently, appeared to move forward after Italian Prime Minister Giorgia Meloni visited President-elect Trump in Florida on Saturday. Rate Climate | Trump's shadow looms large over central bankers around the world. They are poised to cut borrowing costs further in 2025, but only warily — and with a keen eye on the policies of the new US administration. If enacted, his threatened trade tariffs could hurt economic growth and stoke consumer prices in the event of retaliation. German Earnings | Despite a looming election, unemployment edging higher and an automotive industry in crisis, Germany can look forward to corporate successes in 2025. Companies in the country's benchmark DAX Index are expected to deliver growth in earnings per share of more than 10% in 2025, the highest among European peers. Kursk Offensive | Ukraine appears to be launching a fresh offensive in Russia's border region of Kursk, where Kyiv's forces have held territory for several months. Ukraine hopes to use the territory seized there as a bargaining chip in any negotiations with Russia. Moscow has meanwhile vowed to retaliate after Ukraine launched US-supplied ATACMS missiles at the border region of Belgorod. | |
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| Insuring Trade | As conflicts rage in the Middle East and Ukraine, shipping goods is becoming increasingly perilous. But a niche corner of the insurance market, providing war cover to shipping, is keeping $450 billion of commodity trade moving through some of the world's most dangerous waters. Change of Heart | Musk has turned on Reform UK party leader Nigel Farage, the right-wing populist and friend of Trump he previously supported. The Reform UK party "needs a new leader" as "Farage doesn't have what it takes," Musk wrote on his X platform. The world's richest man and Trump ally has recently attacked Labour Prime Minister Keir Starmer as well. Fashion Blues | Can the house of Gucci achieve yet another dramatic turnaround? The luxury brand's incoming CEO Stefano Cantino will have to reverse a sales slump, but Gucci's history shows the company has faced far worse, and come back stronger. Nazi Ties | US investigators looking into Credit Suisse's connections to Nazi-era account holders uncovered new evidence that the bank failed to disclose during earlier probes. Among the findings are several hundred alleged intermediaries who helped Nazis hide their wealth and support the war economy. | |
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| The ECB's goal of reaching its 2% inflation goal by 2025 is threatened by resurgent gas prices and potential US trade tariffs. Data this week is likely to remind the central bank that while the goal might now be in sight, it's not yet within reach. Inflation in the currency area is expected to rise to 2.4% in December, stoked by fuel costs. Germany is publishing preliminary data today, while France, Italy and euro-zone figures are due on Tuesday. | |
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- Climate Commissioner Wopke Hoekstra speaks with Romanian Energy Minister Sebastian Burduja
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